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Ricoh and Hitachi today announced that they have signed a basic
agreement to the effect that Hitachi will transfer all its shares of Hitachi
Printing Solutions, a 100% owned subsidiary, to Ricoh.

Ricoh is committed to strengthening its printer business, an important pillar
of its growth strategy. To this end, Ricoh will strengthen product lines for
the office color printer market, printers for mission-critical systems and POD,
or print-on-demand, markets, in which Ricoh is yet to participate. In
addition, Ricoh will enhance IT sales channels on top of its conventional
copier marketing channels. Through these initiatives, Ricoh will optimize
"Total Document Volume" as the strategic objective of its imaging solutions
business.

In accordance with the basic agreement, Ricoh will acquire Hitachi PRS,
which enjoys considerable success with its printers for mission-critical
systems, high-speed printers for the POD markets and also low-end color laser
printers. Hitachi PRS's participation in the Ricoh group will not only create
synergistic effects in the areas of technology, products and human resources
for Ricoh printer business but also contribute to increasing Ricoh's corporate
value.

Hitachi, for its part, is making every possible effort to ensure that all
its businesses win in the global marketplace in accordance with its mid-term
business plan: "i.e.HITACHI Plan II." This basic agreement was made within the
context of this plan. Hitachi sees printers as important products for its
information and communication systems business and intends to provide its
customers with even higher valued-added solutions, maintaining all the while a
strong business partnership with Ricoh.